The constant modifications and technological disruptions in the electric vehicle industry have transformed it from an experimental mode of vehicle to a necessity. In India, the full-fledged adoption of the electric vehicle is yet unimaginable. One of the prominent factors which are expected to impact the India EV sales in the near future are the various government initiatives and concessions that are being provided for the encouragement of sales of these vehicles. Since cost is one of the primary factors which could either make or break the market for EVs, the automobile manufacturers expect that government subsidies will drive the market and help in increasing the demand further. This report provides an in-depth analysis of the entire ecosystem of the electric vehicle scenario in India which includes a detailed overview of the batteries, charging infrastructure, and different vehicle types in different parts of India. Batteries play a crucial role for the growth of electric vehicle in the country.
One of the major reasons behind the growth in the current market for India EV batteries is the active involvement of the key players in the automobile industry such as Amara Raja Batteries Ltd., Bharat Heavy Electricals Limited, EXIDE INDUSTRIES LTD., and Tata Chemicals Ltd., among others. Presently, the battery production in India is in its nascent stage and does not yet match the current demand. India is heavily dependent on the imports from China and other countries for the lithium-ion batteries. Therefore, the current EV battery market is heavily focused on delivering lithium-ion solutions so as to promote the domestic production. India majorly assembles battery packs. The lithium-ion battery production in India requires extensive research and development, which would lead to high expenditure but in the long run would help in bringing down the cost of electric vehicles. Collaborations between OEMs and battery manufacturers is a major key factor that is expected to help the market develop extensively in India. Companies such as Amara Raja Batteries Ltd., and EXIDE INDUSTRIES LTD., have been active players in adoption of this strategy to boost the growth of EV market in India. However, a major factor that might be a cause of concern in future for battery manufacturers is the availability and subsequent price of the raw materials. Various changes in the chemistry and composition may also be required in order to improve the operating life of the battery pack.
Consumer acceptance is also one of the major challenges that EV manufacturers have to overcome over the years. With constant awareness about the arrival of modern, lithium-ion powered solutions, the consumer opinion has started changing over the last few years. India has recently witnessed a significant increase in their acceptance rates of electric vehicles. A major factor behind the change of perspective of the consumers regarding the widespread adoption of EVs has been the growing concerns regarding climate change and the alarming levels of pollution in major cities across the country. The government has played a crucial part in encouraging and fast tracking the sale of EVs, offering subsidies and exemptions on tax to make the sale more lucrative for the consumer. In order to make the technology consumer friendly and easily acceptable, manufacturers and automakers have to ensure that proper charging infrastructure has been developed within the country.
Request for the Report Sample: https://bisresearch.com/requestsample?id=782&type=download
The competitive landscape of India electric vehicle ecosystem market consists of different strategies undertaken by major players across the entire value chain to gain market presence. Some of the strategies adopted by electric vehicle manufacturers, charging infarstructure providers, battery producers and assemblers are product launches, mergers and acquisitions, partnerships, and collaborations. Among all the strategies adopted, investments and business expansions have dominated the competitive landscape. Tata Motors, Exicom Tele-Systems Limited, Olectra Greentech Limited, and Hero Electric, among others are some of the leading players in the India electric vehicle ecosystem market.
There are multiple electric vehicle manufacturers in the industry which makes the landscape very competitive. Therefore, innovation and development have been the key factors for large scale growth in this market. To increase their overall footprint, battery manufacturers are expanding their businesses and are also entering into strategic partnerships to target a greater audience. Furthermore, charging infrastructure providers are also expanding their footprints across India owing to the governmental support. Ashok Leyland, Toyota Kirloskar Motor, and Tata Power are some of the companies which have remained in the limelight since the last few years due to their developments in the field of electric vehicle ecosystem.
